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our deficit in a balanced way that allows us to make these critical investments. now, it ultimately will be up to the voters, to you, which path we should take. are we going to double down on the top-down economic policies that helped to get us into this mess? or do we embrace a new economic patriot. >> that says america does best when the middle-class does best. i am alonging ford that debate. >> reporter: governor romney, two minutes. >> thank you, jim. it's an honor to be here with you. and it's an honor to be here with the president. i appreciate the welcome of the university of denver and the presidential commission on these debates. congratulations to you, mr. president, on your anniversary. i am sure this is the most remantic place you can imagine -- here with me. congratulations. this obviously is a very tender topic. i had the occasion over the past couple of years of meeting people across the country. i was in dayton ohio, and a woman grabbed my arm and said i have been out of work since may. you can help me? yesterday in a rally in denver, a woman came up with a baby in h
to this debt problem, led us to this deficit problem. they want homeownership for everybody. we want tax cuts. we want medicare part "d." we want an expansion of safety net programs and then this is what happens. there's no one in the middle to figure out how to pay for all this stuff the middle has been getting. >> and that's really honestly what this election is about. i think one of the things that i found fascinating, although i didn't think they quite got there, is when the two candidates were asked about the role of government, because that's what elections are always about, it seems to me. i mean, yes, you know, it's about turning out your base and about this or that, but it is mostly about what do you think the role of government is? should the government, for instance, be helping people buy homes through the deduction that we can take on interest rates on the home loan? that's a legitimate argument. is that really the role of government? and if so, somebody has to pay for it, but i don't think we have yet gotten down to the basics of that. what do you want your government to do becau
in 1986 but are staring us in the face today. first, a much larger and much more dangerous deficit and second, a dramatic increase been income and inequality. old-style tax reform could make both conditions worse. but don't dismiss the old framework lightly. credit for the 1986 reform law belongs to democrats like bill bradley in the senate. just as much as to president reagan. as a member of the house back then, i not only voted for it, but i whipped the votes to make sure it passed. i was on the committee set up by dan rostenkowski to get it done. the approach made a good deal of sense at the time. then, as now, the code was littered with egregious loopholes that needed to be reformed. recall the so-called passive law schools that were in place back then. they allowed wealthy taxpayers to gain the system. someone could invest in a bowling alley and then, if the bowling alley lost money, they could take a write off many times larger than their initial money incestment of their entire income tax liability. we need to get rid of such a gimmicky tax shelter. paring these loopholes al
trillion a tax cut. what i have said is i won't put in place a tax cut that adds to the deficit. middle-income americans have seen their income come down by $4,300. this is a tax in and of itself. i'll call it the economy tax. it's been crushing. >> question. why did president obama seem thrown off balance? did he underestimate governor romney, pat buchanan? >> he certainly d. governor romney performed better on substance than any candidate in any presidential debate in history. reagan would have beaten him in style in 1980 but on substance i've never seen anybody better prepared than governor romney. he was on of fence. the real question, why did barack obama, the president, do so badly. john, he didn't come prepared for what he found there. he seemed difident, almost disinterested, sour. when they had the two pictures together he was looking down at his notes and the governor was talking to him as if he was lecturing him. some say he's lost his enthusiasm for the battle. he looked like he was weary of the job. i think it may have been something to do with him having been out on the ro
president four years. you said you would cut the deficit in half. we still have trillion dollar deficits. >> five weeks before the election, he says his big bold idea is, never mind. >> if there is any good news for the president after the debate is that the unemployment rate dropped below 8% from 8.1%, to 7.8%, the lowest since he took office. jonathan martin was on the ground for the debate in denver. you say romney took the debate stage with the top republican verging on panic. did this turnaround for them? >> they are backing away from the edge. there is no question that this was a make or break moment for governor romney. if he had not shown up like he did in denver, you would have seen a really ugly scene here. a lot of folks in his party would have backed away from him. this puts him back in the game, it restores confidence among other people running for the house and senate this year who are now happy to be seen with him. it gives them a real boost when they desperately need it. he still has problems and a lot of swing states. this puts them back in the game, it turns around the
clinton were turned into record deficits under george bush is because we put two wars and two tax cuts on a credit card. and now governor romney wants another $5 trillion in tax cuts that he can't pay for? not if i have anything to say about it. that's not going to happen. [applause] we are not going to let this country fall backward. not now. not with so much at stake. we've got to move forward. we need to invest in small business and manufacturers who create jobs here in the united states. we need to recruit 100,000 math and science teachers, train two million workers at community college, bring down the cost of college tuition. we need to -- [cheers and applause] we need to cut our oil imports in half. create thousands more jobs in clean energy. we need to use the savings from ending the wars in iraq and afghanistan to help pay down our deficit and put people back to work doing some nation building right here at home. that's the agenda we need. that's how you strengthen the middle class. that's how you keep moving forward. that's the choice in this election. and that's why i'm runni
it but nobody's done it really since reagan. finally let's take a look at the deficit. romney is planning to cut a lot more than funding to big bird and pbs. his plans include repealing obama care, reducing foreign aide and privatizing amtrak. you may notny that's that big of a deal. i use it all the time. romney says privatizing it will save $1.3 billion. the budget is made up a lot of small things. however he does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest measure of everything we produce in society. he wants to do that by the end 6 his first term. right now government spending is at 25% of gdp. let's shed some more light on what romney's america would look like. kevin hassette is an economic adviser for mitt romney. stevon moore is an editorial writer for "the wall street journal." my good friend christine romans is the host of "your botto line" right here on cnn. folks, no party or ideological spin today, no using the name obama or the term democrat. pain the me a picture of what the world looks like under romney four years from now using specifics. you c
is finally doing something about big bird. the new that he was driving our deficit. -- who knew that he was driving our deficit? a new obama campaign at mitt romney campaign week.ent last we have one out of six in poverty, 47 on food stamps, and the s timeent is spending hi saving big bird. i will spend my time talking jobs.saving but the latest polls show both neck-and-neck. you can watch the debate right thursday at 9:00 on abc 7. during that debate, we invite onto wjla.com and you us your instant reaction. >> of former cancer patient is out raged while trying to take a trip to paradise. hear what she said she was do at the airport. i'm barack obama, and i approve this message. "i'm not in favor of a $5 trillion tax cut. that's not my y plan." mitchell: n"the nonpartisan tax policy center concluded that mitt romney's tax plan would cost $4.8 trillion over 10 years." vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we
losses, bigger unemployment and bigger deficits and more wars than president obama, was, by the failed policies of george w. bush. which resulted in directly, the greatest job losses since fdr. this is not easy and it is hard work but we are moving forward. >> let's talk about policies. we didn't hear in the hour and 25 minutes of debate anything about the stimulus package. if you look at the policy the trickle-down government policy as the governor described it, they represented below 6% unemployment now, after spending all of that money and had full charge of the first two years and the policies that this president put into place, actually made it worse. including the fact that obamacare is actually... employers, it is causing them not to hire and gas prices doubled and the middle class is buried under this administration and the vice president said it aptly and it is true. >> chris: let's turn to a couple of issues that came up in the debate. obviously the jobs report came out after the debate. both sides said the other candidate is lying about his position and let's start with taxe
that only affect high income individuals to avoid either raising the deficit or burdening the middle class. it's math, it's arithmetic. >> get the rates down, lower deductions and exemptions to create more jobs because there's nothing better for getting us to a balanced budget to have more people working, earning more money and paying taxes and that's by far the most effective and efficient way to get this budget balanced. >> paul: welcome to the journal editorial report. i'm paul gigot. a big night in denver on wednesday, as president barack obama, and mitt romney met for the first presidential debate and the candidates sparred as you heard over taxes and the deficit as well as health care. wall street reform and the role of government. with mitt romney taking some sharp shots at the president's record these past four years. >> we're seeing right now is, in my view, a trickle down government approach which has government thinking it can do a better job than free people pursuing their dreams and that's not working the. proof of that is 23 million people out of work and the proof one out of
it comes to the fact that matter the most the jobs market debt and deficit in his easy to of this gate and we saw lot of at last night with the vice-presidential deba. i want to set the record straight. vice president biden use the word fact 26 times the hard pressed to deliver any. over tax policy bden: the only way to find $5 trillion of loopholes is to cut the mortgage deduction, health care deduction take away the ability to get a tax break to send kids to college. ryan: he is wrong about that. you can preserve the purposes for middle class taxpayers. biden: has never been done before it. ryan: it has been done a couple of times. jack kennedy, ronald reagan. biden: now your jack kennedy? gerri: that was a cheap shot. bided was wronwhen he claimed lower tax rates never had higher revenues. 1920's were slashed from 70% down a 20%. there rose 60%. kennedy cut across the board with the top rate down at 70%. tax revenues jump. ronald reagan proposed sweeping tax rate reduction and the result revenues up 99%. biden: we made sure we cut taxes for the middle-class. gerri: not even close to
bigger unemployment, bigger deficits, more wars than president obama was by the failed policies of george w. bush which resulted in directly the greatest job losses since fdr. h is hot easy. in is hard -- this is not easy. this is hard work. >> we didn't hear in an hour and 20 minutes of debate anything about the stimulus package because if you look at the policy the trickle down government policy as the governor described it, they represented we would be below 6% unemployment now after spending all that money. the policies that this president put into place is actually made it worse including the fact that obama care is causing small employers not to hire because of rising healthcare costs. gas prices have doubled. the middle class is being buried under this administration. the vice president said it aptly and it is true. >> chris: let's turn to a couple of issues that came up during the debate. obviously the jobs report came out after the debeat. both sides saying that the other candidate is lying about h his position and let's start with taxes. governor, the president keeps saying that
't bring up the deficit. paul ryan opposes your plan. >> i know it. >> he dissented. >> and so did the president. everybody opposed -- we pissed everyone in america. nobody's doing anything for us. >> at the risk of pissing you off, what would you say to them? >> tell them we have a leaderless government and he can lead. this gentleman can't govern. he's doing politics day and night. >> erskine bowles, same question to you. if had a chance to advise obama and biden on what you want to hear about the deficit and the fiscal cliff, what would you tell them to say? are you not hearing now? >> to lead. lead from the front. just take on this enormous problem we have with economic growth. the best way to take that on is to reform the tax code, broaden the base, simplify the code, wipe out these tax expenditures and use that money to reduce rates, to encourage growth, and also to bring down the deficit. that's really attacked these entitlement problems. slow the rate of health care. make social security sustainably solvent. we can't afford to spend more in the next 17 largest countries and
to deficit reduction rather than tax breaks for the wealthiest americans. charles schumer was speaking at the national press club in washington about the fiscal cliff, those expiring tax and budget cuts that go into effect in january. this is just under an hour. >> good morning. we're starting right on time today. i want to thank you for coming. i want to take up those of use who are joining us on seemed span. i am a member of the newsmaker committee of the national press club. on behalf of the national press club, we are honored to have charles schumer. the senator will address the topic of tax reform, and i want to say this is an appropriate tax -- topic. time, theus' prevailing idea was that there were dragons just over the horizon. columbus thought he could find a new route, and today we will be exploring new routes to tax reform. the senator will talk for approximately 25 minutes, and and it we will open up the news conference to questions. senator? thank you for that timely introduction. i want to thank the national press club. here is what i said yesterday -- [speaking italian]
now. for treasury department releasing budget numbers for the 2012 year and that is deficit included. peter barnes has the news. peter: the deficit exceeded $1 trillion for the fourth fiscal year and a row coming in at $1.1 trillion for fiscal 2012 which ended september 30th that was down $200 billion from fiscal 2011 thanks to higher tax revenue because of a stronger economy nd some lower spending, $60 million year over year and those numbers are down from the record $1.4 trillion in deficits we saw in 2009. we like to give you the monthly number for september. last month of the fiscal year. here's something you don't see every way. a surplus of $75 billion compared to a deficit of $73 billion in september last year. that is mainly due to accounting items, the biggest one being a shift in $60 billion in government benefit payments for social security and medicare and other things into august's of this year because of weekends and holidays in september. the administration is projecting a end to this trillion dollar trend for this fiscal year, 2013, budget forecasts projecting a defi
on deficit reduction requiring the wealthy to pay more and more cutting in the federal government. >> you have 90 seconds. >> again, shame on you. you thought this campaign is going to be a coronation because you're a democrat and now you are in a serious race with a serious woman and you are desperate. therefore you raise these issues. my plan sites every word that i used from the brightest in the best to but my plan together. you would be better served to be putting a plan together. you need to be honest with the people of connecticut. you need to be honest about your special interest loans. to be honest about your attendance in washington. shame on you for taking this direction with this campaign. it is beneath you. and the people of connecticut deserve better. in my plan, i have referenced a tax cut for the middle class. my plan, if you take a look at it, absolutely keeps taxes the same across the board accept we're going to cut taxes for the middle class. my plan is the only one that has an actual middle-class tax cut. congressman murphy has voted to raise taxes on the middle class o
our trajectory of our budget deficit is going to be. certainly, the budget is not simply a numbers issue. it has a big impact when you translate it into the lives of our residents. when you are talking about deficits that may impact the morning commute because you write muni -- you ride muni, or whether we're talking about closing down seven facilities, or whether we're talking about impacts to services, there is an impact to residents, so i think that impact of the budget is big, as well as economic growth for our residents. >> what are the biggest issues for your district? supervisor chu: sunset district is a great district. it has many residents who are families. we have a lot of families in our district. lots of kids, lots of seniors, people who have raised their families there for many generations, and one of the paramount thing is, aside from the larger issues that are important to the entire city -- i think the big issue that is really in people's minds is the state of the economy. how is it that we are going to be able to bring down the unemployment rate in san francisco? h
cut the deficit in half. and romney went on to say, unfortunately, he doubled it. first things first. the president did pledge shortly after he took office that he would cut the deficit in half by the end of his first term. did he? he did not cut it in half but he did not double i either. if you used the congressional budget office's projections for the deficit at the time the president took office, the deficit has dropped slightly. about 8%. if you use the fiscal year 2009, after months after he took office, it down by 25%. so there. >>> so there are countless reasons to spend time in san francisco this weekend and one of them is america's cup. nbc bay area's lawrence scott has a look. >> thank you so much. it was a tremendous day of racing. full of spills and chills and an action packed day. there is one champion crowned and another right on the doorstep. it was an absolutely wild day of racing on the america's cup series. oracle day spithill first punching its way to the finals. and then they find themselves upside down and out of action. but spithill and crew would right the ship
in the debate. i think that what he did emphasize instead was that he was not going to add to the deficit or increase taxes on the middle-class. the study done the tax policy center and others show it is a little difficult to keep those pledges while cutting the rate the full 20%, and that is a decision by governor romney not to mention the 20% #says he is likely to adjust his plan, that he will stick with the idea but a -- of not adding to the deficit and not taxing in a class but will have to change the rate cuts a bet. >> this year would governor romney had to do -- say in his own words. >> i am not looking for a five door trillion tax cut. i said i would not put in place a tax cut that adds to the deficit. no economist can say mitt romney's tax plan as $5 trillion if i say i will not add to the deficit with my tax plan. number to, i will not reduce the share paid by high-income individuals. you keep saying that, and i know that is popular to say, but that is not the case. i have five boys -- i am used to people saying something that is not always true but is keep on repeating it and u
-income individuals to avoid either raising the deficit or burdening the middle class. it's math. >> i'm not in favor of a $5 trillion tax cut. my plan is not to put in place any tax cut that will add to the deficit. gwen: and will today's improved jobs numbers change the political landscape again? debating, peter baker of "the new york times," dan balz of the "washington post." jeanne cummings of block berg news, and john dickerson of slate magazine and cbs news. >> award winning reporting and analysis, covering history as it happens. live in our nation's capital, this is "washington week" with gwen ifill, produced in association with "national journal." corporate funding for "washington week" is provided by -- ♪ >> wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. >> we know why we're here. to connect our forces to what they need when they need it. >> to help troops see danger before it sees them. >> to answer the call of the brave and bring them safely home. >> around the globe, the people of boeing are working together to support and protect
except aka nowhere [bleep] near half. >> the president said we cut the deficit in half. unfortunately he doubled it. >> jon: 1.2 trillion when he took office t is 1.1 trillion now. mr. president are you just going throat him roll you. >> mr. president, two minutes. >> when i walked in the oval office i had more than a trillion dollar deficit greeting me. and we know where it came from. yes, when to take some initial emergency measures to make sure we didn't slip into a great depression. let's make sure we are cutting out those things that are not helping us grow. 18 programs are-- medical fraud in medicare, cut a trillion dollars out of our discretionary domestic budget. the specifically specific $4 trillion deficit reduction plan t is on the web site. you can look at all the numbers. let me just finish this point because are you looking for contrast. >> way over two minutes. >> sorry (laughter) >> jon: you went over your time? and you somehow managed in all that overtime to not turn and look your opponent in the lie and just mention what he said was untrue? not even a quick sneeze befor
) >> this is unacceptable. it is not working. trillion-dollar deficits for the last four years. there's over $16 trillion in debt. harder and harder for small businesses to grow and thrive. the amount of debt we're adding at a trillion a year is simply not moral. >> jon: not moral! (laughter) that means for mitt romney this terrible debt is worse than of fept. (laughter) >> jon? >> yes, mormon god. >> not cool, bro. (laughter) >> jon: shouldn't you be on broadway? (cheers and applause) >> no, no! >> jon: little joke there. but all right we have been irresponsible with government spending. romney, bring the tough love. what are we going to lose? >> i don't want any change to medicare for current seniors or for those that are nearing retirement. no change in social security for those that are in retirement or near retirement. >> jon: all right, so it's immoral debt but hands off the core entitlements! they've literally been grandfathered in-- grandmothered. (laughter) probably the more peripheral entitlements got to go. >> i'm going to make sure we have the kind of training programs that give people the sk
arguing that the president's job creation efforts have only added to the deficit. >> a couple nights ago we had a debate. you may have had the chance to see that. >> reporter: before the jobs number, romney was riding a wave of momentum after this week's debate, he even got a pass from the president who never mentioned romney's comments on the 47% of americans who don't pay income taxes. >> 47% of the people will vote for the president no matter what. >> reporter: romney tried to put an end to the controversy once and for all on fox. >> clearly in a campaign with hundreds, if not thousands of speeches and question and answer sessions, now and then you'll say something that doesn't come out right. >> reporter: democrats maintain that tone deafness extends from main street to sesame street. so, obama aides sent a protester in a big bird outfit to mock his call to end funding for pbs. romney will spend part of the weekend in debate prep and the other part in hitting the president on the economy as a senior romney adviser put it, job growth should not be the new normal. >>> now to that shoot
believes. but paul ryan is just a terrible deficit for the ticket. the other thing is it is a base senator john mccain by 2 to 1 in the margin in the youth vote in this country. it's crucial for the president to get similar numbers this time around if he's going to win the state of florida. of course, to vote they must be registered and voter registration drives have been underway for months. yeah, i'm looking to save, but i'm not sure which policy is right for me. you should try our coverage checker. it helps you see if you have too much coverage or not enough, making it easier to get what you need. [ beeping ] these are great! [ beeping ] how are you, um, how are you doing? i'm going to keep looking over here. probably a good idea. ken: what's a good idea? nothing. with coverage checker, it's easy to find your perfect policy. visit progressive.com today. that he's the guy who is going to protect medicare when he's, in fact, going to turn it into voucher care. senior citizens, especially in states like florida, senate race in north dakota, montana, nevada, and arizona, believe it or not a
the official u.s. deficit this year. it is a doozy. you think your credit card bill is high? we're crunching those numbers. >>> a company will let you turn the outside of your home to a large billboard. people are scrambling to get in line. the guy behind this idea is here to explain. even when they are not, it's always about money. melissa: first, let's take a look at the day's market headlines. stocks closed out the week moving between positive and negative territory. u.s. consumer sentiment hit its highest level in five years but worries over bank profits and potential bailout for spain helped put a damper on investor optimism. the dow squeaked out two teeny, tiny points. advaed micro devices with the biggest loser on the s&p 500. the semiconductor maker cut its third quarter outlook, primarily blaming slowing global demand on weakening global economy. >>> business software company public debut isthe biggest ipo since facebook. that was back in may. >>> to our top story tonight i don't know about you but i envision peace and olive branches when i picture the european union. look at the pi
or explode the deficit. > deficit. >> reporter: what you're saying it it is unrealistic-- >> i'm saying it's impossible, not unrealistic. >> when president obama said in 2008 i'm going to cut the deficit in half, i'm going to close guilt me, people-- gitmo, people said-- did not sigh he was not telling the truth. >> closing gitmo involved congress and he couldn't get them to do that. the math, people over $200,000, and you still have a trillions of dollars hole, and he hasn't named the deductions he would close. this is a shell game, john. whichever shell you pick up, the middle class loses. the economy will lose, and i think that this is going to catch up with him. >> schieffer: what did the president think of his performance? >> i think the president understands-- you know, the president is his harshest critic, and without getting into detail, i think you can assume he has reviewed the tape and it will inform how he handles these subsequent debates. >> schieffer: do you think he was ill prepared. some are saying it was the people who prepared him. you were in the room. >> i was one of th
deficit. but it is much healthier for america's economy, much better for the real purchasing power of american consumers, much better for having businesses engage in the business of the future rather than the business of the past, for us to move more balanced trade by increasing exports rather than reducing imports. some of that has to do with the negotiation and enforcement of trade agreements. more of it has to do with choices that we make. especially choices that we make in sectors that one doesn't always think of. there is fast scope, increased tourism in to the united states. if you think about it, tourism is a sector that provides vast opportunities and jobs with those with relatively little skill. not so long ago i had the opportunity to spend some time talking to the ceo of a major hotel chain who noted that of his senior management team, have had not gone to college and many had started working behind the desk in a hotel. our tourism industry which we don't think of as an industry that develops when we are more competitive. similarly close to my heart given where i spent m
the deficit is to cut off funding for pbs. this has become a full-fledged thing in the campaign now. the obama campaign today releasing this 30-second ad specifically on the issue of big bird. it's a sarcastic ad hitting mitt romney for being tough enough to take on this yellow-feathered fellow. and president obama has now fully incorporated the big bird line into his stump speech. >> for all you moms and kids out there, you should have confidence that finally somebody is cracking down on big bird. elmo has been seen in a white suburban. he's driving for the border. oscar is hiding out in his trash can. we're cracking down on um. governor romney's plan is to let wall street run wild again, but he's going to bring the hammer down on "sesame street." >> president obama now having lots of fun with this out on the campaign trail. but as a policy matter, it's sort of a serious thing. when mr. romney was asked during the debate how he would make the math work, he wants to be seen as the math ticket, how would you make the math work? how would you pay for the increase in defense spending? how would y
Search Results 0 to 49 of about 947 (some duplicates have been removed)